A joke that is "just not funny" is a really crap joke that only the person saying it finds funny. It is quite often a dad joke or a joke that is poorly timed and inappropriate for the situation it is said in. It's different than a dry joke in the sense that even the mostist lube couldn't make it wet.
"Just not funny" is also a way of describing a really salty dry person, who could really do with marinating in some moisture.
It can also be used off hand to aggregate people with residing hair lines.
Bro, your just not funny.